Baystreet.ca – Futures Point even higher
Stock futures in Canada’s largest market followed crude oil prices higher on Thursday, although gains were limited by weak bullion prices and risks from surging COVID cases -19 in the world.
The TSX Composite Index climbed 167.34 points to close at 20,110.05 on Wednesday.
The Canadian dollar climbed 0.10 cent to 78.64 cents US
September futures improved 0.3% on Thursday.
National Bank of Canada raises CGI’s target price to $ 135 from $ 120.00
CIBC raised target price for Premium Brands Holdings to $ 127.00 from $ 120.00
JP Morgan increased Rogers Communications target price to $ 78.00 from $ 72.00
Washington has extended the closure of land borders with Canada and Mexico to non-essential travel such as tourism until August 21, even as authorities question whether to require visitors to receive a COVID-19 vaccine .
The TSX Venture Exchange climbed 18.66 points, or 2.1%, Wednesday to 908.52
U.S. stock index futures were higher on Thursday as stable bond yields continued to give investors the green light to buy stocks after Monday’s market rout.
Dow Jones Industrials futures added 37 points, or 0.1%, to 34,355.25. The Dow Jones is now up 0.3% on the week and is within 1% of a record high.
S&P 500 futures gained 5.25 points, or 0.1%, to 4,355.75.
Futures for the NASDAQ Composite Index gained 19.5 points, or 0.1%, to 14,847.25.
Names closely related to economic reopening were higher in pre-market trade. Royal Caribbean is up 1%. Energy stocks were higher as oil rebounded above $ 70 a barrel. Bank stocks were higher with stable returns early in the session.
A strong second quarter earnings season continued. AT&T shares gained 1% after earnings and income beat analysts’ estimates. CSX jumped 2% after railroad’s second-quarter profit more than doubled.
However, Texas Instruments is expected to weigh on tech stocks, which are down more than 4% early in the session. The chipmaker has beaten expectations for the second quarter, but warned that the third quarter results could be lower than analysts’ estimates.
A busy week of earnings will continue on Thursday. DR Horton, Southwest Air, Abbott Labs, and Union Pacific are among the names on the deck before the opening bell. Intel, Twitter, Snap, and Capital One will post quarterly updates after the market closes.
American Airlines posted a profit in the second quarter, breaking a streak of five straight quarters with losses, thanks to rebounding demand for travel and government assistance. Shares, which were already up 8% this week, lost just under 1% in pre-market trading.
So far, 15% of the S&P 500 have declared profit, with 88% exceeding profit estimates, according to Refinitiv. Of the companies that reported, 84% exceeded revenue expectations.
Investors will also monitor the number of weekly jobless claims from the US Department of Labor on Thursday. Economists polled by Dow Jones expect the number of first-time filings to be 350,000, down from the previous reading of 360,000. Sales figures for existing homes will also be released.
Abroad, in Hong Kong, the Hang Seng index jumped 1.8%, while markets in Japan were closed for the holidays.
Oil prices rose 59 cents to US $ 70.89 per barrel.
The price of gold has approached $ 6.40 to US $ 1,797.00 per pound.